Avery Dennison Corp. recently provided an overview of its operations and strategies for long-term growth at an annual New York meeting of security analysts and investors hosted by the company. Avery Dennison also reaffirmed its first quarter and full-year 2004 earnings guidance provided earlier this year. "We have positioned ourselves for solid, sustainable improvement in 2004 and beyond," said Philip M. Neal, chairman and chief executive officer of Avery Dennison, following a summary of several challenges the company faced in 2003. "We continue to build on our substantial competitive advantages in each of our key businesses, and we are successfully executing our new top-line growth initiatives." Neal discussed the initial results of the company's new Horizons growth process, which was implemented throughout Avery Dennison's global operations during the past year and has provided a full pipeline of new growth opportunities that include new products, applications and services. More than 500 projects were launched by the end of 2003, generating annualized incremental sales of approximately $50 million. "The Horizons program at Avery Dennison has changed our mindset and our expectations for growth," said Neal. "We are proving that our people thrive on tough challenges, their creativity flourishes when there are few boundaries, and change happens fast when they are committed to a tight deadline."

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